f******k
发帖数: 87 | 1 http://www.reuters.com/article/idCNSGE6420IH20100503?loomia_ow=t0:s0:a49:g43:r1:c0.160920:b34277524:z0
To offer 221.9 mln common shrs at $0.20/shr
* Proceeds to pay $275 mln in liabilities at unit
* THL plans to up investment in Sterling to $170 mln
May 3 (Reuters) - Sterling Financial Corporation (STSA.O) said it intends to
offer about $555 million of securities to institutional investors in a
private placement transaction, including about 221.9 million common shares
at 20 cents a share.
Shares of the troubled lender dropped 20 percent following the announcement.
They pared some losses to trade down 17 percent at about 72 cents a share
in morning trade on Nasdaq.
The offer price for the common shares represents a 77 percent discount to
Sterling's closing price on Friday.
The securities to be offered would also comprise about 5.5 million shares of
newly created Series D convertible participating voting preferred stock at
$92 per share that are convertible into an aggregate of about 2.6 billion
common shares.
The company expects to contribute substantially all of the proceeds to its
unit Sterling Savings Bank, for general corporate purposes, including
payment of $275 million in liabilities.
Sterling Financial also said private equity firm Thomas H. Lee Partners [THL
.UL] plans to increase its proposed investment in Sterling to $170 million.
Last week, Sterling Financial said THL agreed to invest $134.7 million in
the company once the troubled lender redeems all its preferreds from
Treasury.
The company has $303 million of preferred stock held by the U.S. Treasury.
Sterling has to raise at least $720 million, including the THL investment,
and meet regulatory capital requirements before it can go through with any
of the deals. | f******k
发帖数: 87 | 2 does this mean the stock will fall to 0.2 ?
Today there is another news
http://www.reuters.com/article/idCNSGE64N1PB20100524?rpc=44
Warburg Pincus to invest $139 mln in Sterling
* THL adjusts proposed investment size
* After deal, Warburg will own 20.5 pct of Sterling May 24 (Reuters) -
Sterling Financial Corp (STSA.O) said Warburg Pincus would join Thomas H.
Lee Partners [THL.UL] to invest $139 million each in the bank holding
company once the troubled lender redeems all its preferred shares from
Treasury.
Earlier this month, the troubled lender said it intended to offer about $555
million of securities to institutional investors in a private placement
transaction, including about 221.9 million common shares at 20 cents a share
. [ID:nSGE6420IH]
Thomas H. Lee Partners has agreed to adjust the size of its proposed
investment to an amount equal to that of fellow private equity firm Warburg,
Sterling said.
Sterling Financial had said earlier that THL planned to increase its
proposed investment in Sterling to $170 million from $134.7 million.
However, Sterling has to raise at least $720 million, including the THL and
Warburg investments, and meet regulatory capital requirements before it can
go through with any of the deals.
If the recapitalization transactions are completed, Warburg Pincus would own
common stock, preferred stock and warrants representing about 20.5 percent
of Sterling, the company said.
Warburg Pincus Managing Director David Coulter will join the Sterling board
after the recapitalization transactions.
Shares of the company closed at 75 cents Friday on Nasdaq. The shares have
lost about 80 percent of their value in the past year. (Reporting by
Supantha Mukherjee in Bangalore; Editing by Mike Miller) | f******k
发帖数: 87 | 3 my question is what will happen when preferred stock and common stock are
offered? What is the difference? | Q********8
发帖数: 497 | 4 一句话，就是把散户贱卖给Private机构。
to
announcement.
【在 f******k 的大作中提到】
: http://www.reuters.com/article/idCNSGE6420IH20100503?loomia_ow=t0:s0:a49:g43:r1:c0.160920:b34277524:z0
: To offer 221.9 mln common shrs at $0.20/shr
: * Proceeds to pay $275 mln in liabilities at unit
: * THL plans to up investment in Sterling to $170 mln
: May 3 (Reuters) - Sterling Financial Corporation (STSA.O) said it intends to
: offer about $555 million of securities to institutional investors in a
: private placement transaction, including about 221.9 million common shares
: at 20 cents a share.
: Shares of the troubled lender dropped 20 percent following the announcement.
: They pared some losses to trade down 17 percent at about 72 cents a share
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